SOURCE: MP2 Capital

MP2 Capital

March 29, 2010 09:00 ET

MP2 Capital Completes Solar PV System to Power Connecticut School District

445 kw Rooftop System Reduces Schools' Carbon Footprint and Energy Costs While Educating Students on Renewable Power Initiatives

WINSTED, CT--(Marketwire - March 29, 2010) - MP2 Capital, a leading developer, financier and operator of solar projects throughout North America, announced the commissioning of a 445 kilowatt solar photovoltaic (PV) array in Winsted, Connecticut. MP2 Capital has entered into a power purchase agreement to sell all of the electricity generated by the system to the Regional School District No. 7 for a period of 20 years. This clean energy project was made possible by a grant from the Connecticut Clean Energy Fund (CCEF). 

"This represents MP2 Capital's second completed project in the state of Connecticut. We are pleased to partner with the School District to help improve the environment -- both by reducing the carbon footprint of the school district and creating a shining example of clean, renewable energy for the students and the community," said Mark Lerdal, chief executive officer of MP2 Capital.

The system, which sits atop multiple rooftops of the school district, was built by groSolar and is composed of 1,937 PV panels from Canadian Solar. It is expected to produce approximately 492,000 kilowatt hours (kWh) of clean solar electricity and save the School District an estimated $26,000 in energy costs during the first year of the operation. Over the term of the agreement, the system is expected to produce approximately 9,380,000 kWh to offset the school's energy use.

"This solar project has energized our students, staff and larger community by providing a concrete example of what can be done to reduce a school's carbon footprint. As we anticipated, the students have become the leaders in advocating for clean and sustainable energy for our school district. They are proud of the solar panels on the building and excited about the ways this new system has been integrated in the entire school curriculum and school culture," said Clint Montgomery, superintendent of schools for Regional School District 7. "This is a great example of a successful partnership between a public school district and the business community. We are extremely happy with the relationship with MP2 Capital and hope for more projects in the future."

"The solar PV installation at Northwestern High School and Middle School in Regional School District No. 7 will serve as an excellent teaching tool to help educate students about the importance of renewable energy in meeting our future energy needs and protecting the environment," said Lise Dondy, president of CCEF. "We are pleased to see this school district and many educational institutions around the state taking a leadership role in making the commitment to clean energy in such a significant way."

About MP2 Capital

MP2 Capital LLC develops, finances and invests in distributed generation and small-scale utility solar projects throughout North America. The firm was founded in 2006 in response to the growing demand for clean, renewable sources of energy. MP2 Capital sells the electricity produced by its projects to commercial, government and utility customers under Power Purchase Agreements and Feed-in Tariffs, providing customers with reliable and cost-efficient electricity without any up-front costs or ongoing operating expenses. The firm is based in San Francisco, California. 

About the Connecticut Clean Energy Fund (CCEF)

CCEF was created by the Connecticut General Assembly and is funded by the electric ratepayers. CCEF's mission is to promote, develop and invest in clean energy sources for the benefit of Connecticut's ratepayers in order to strengthen Connecticut's economy, protect community health, improve the environment, and promote a secure energy supply for the state. CCEF is administered by Connecticut Innovations, a quasi-public authority. 

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